TMI Blog2019 (1) TMI 1994X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee by : Shri Sunil Ganoo Revenue by : Shri S. Das ORDER PER PARTHA SARATHI CHAUDHURY, JM : This appeal preferred by the assessee emanates from the order of Ld. CIT(Appeals)-7, Pune dated 11.07.2016 for the assessment year 2008-09 as per following grounds of appeal on record: 1. In the facts and circumstances of the case and in law, the learned C.I.T.[A] has grossly erred in denying deduction u/s.80P[2][a][i] of the I.T. Act 1961 to the appellant in respect of interest income of Rs.71,56,584.00 earned from fixed deposits kept by it with nationalized banks and has further erred in taxing the said income u/s.56 of the I.T. Act 1961.The aforesaid addition being patently illegal, bad in law, arbitrary, perve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erative society engaged in the business of providing credit facilities to its members. It is claimed that the necessary registration and license has been obtained by the assessee from the concerned Government authorities. The assessee has e-filed return of income on 24.08.2010 declaring total income of Rs. Nil and the total income was assessed u/s.143(3) of the Act to Rs.54,12,970/- by the Assessing Officer. 5. With regard to this issue, the Ld. AR of the assessee at the time of hearing submitted that ground No.1 is already decided in favour of the assessee by the decision of the Co-ordinate Bench of the Tribunal, Pune in ITA No.589/PUN/2016 for the assessment year 2012-13 in the case of ITO Vs. Sureshdada Jain Nagri Sahakari Patsanstha, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Both the Hon ble High Courts have taken into consideration the ratio laid down in the case of Totgar s Cooperative Sale Society Ltd. 322 ITR 283 (SC). There being no direct judgment from the Hon ble jurisdictional High Court on the point, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go with the view taken in favour of the assessee by the Hon ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). In the absence of their being any change in the legal position prevailing on this issue after the passing of the order by the Pune Bench of the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) and host of other orders reiterating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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